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Varney Company

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TOPIC FREQUENCY

Cyprus 34, Us 15, Goldman Sachs 7, New York 7, America 6, Stuart 6, U.s. 6, Lifelock 6, Canada 6, Europe 6, China 6, Nicole 5, Stockton 5, Obama 4, California 4, United States 4, Gethelp 4, J.c. Penney 4, Russia 4, Dell 4,
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  FOX Business    Varney Company    News/Business.  
   Wall Street news. New.  

    March 25, 2013
    9:20 - 11:00am EDT  

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i love him deirdre loves him. wyatt loves him, the dogs-- and sponsored by peerless boilers, warner wolf. warner: the big story, started out with 68 times and now 16 and little florida gulf coast fort meyers, only in their second year of playing division 1 teams. they were 15-17 last year and they become the first 15-seed in ncaa history to make it to the final 16. and the other story, nascar, kyle busch wins it, the 400, but as we see here, first of all. here is tony stewart as he tried it to get at joey laganno who was protected by his pit crew. >> here we go. imus: we don't have it. >> good work, big foot. nice job.
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imus: not, not that it's a television program of course. >> we've got it. warner: listen to the second one quick of tony stewart's suggestion for nascar. >> nascar wants to let the guys have at it, shouldn't be any different than hockey, have at it one guy goes to the ground and it's over. connell: drop the gloves. imus: what's coming up in the briefing, bernie. >> we have dennis rodman and leslie stahl actually says pussy riot. imus: and then we'll be talking with anthony mason. happy birthday to this girl. ♪ what you want ♪ ♪ baby got ♪ ♪ what you need ♪ ♪ you know i got it ♪ ♪ all i'm asking is for a little respect when you come home ♪ ♪ just a little bit, hey, baby, when you come home ♪ ♪ just a little bit ♪ ♪ i ain't gonna do you wrong
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while you're gone ♪ ♪ ain't gonna do you wrong ♪ ♪ all i'm asking is for a little respect when you come home ♪ ♪ just a little bit, baby, when you come home ♪ ♪ just a little bit ♪ ♪ i don't have to give you all my money ♪ ♪ give me my problems when you get home ♪ ♪ just, when you get home ♪ ♪ imus in the morning ♪ >> let's see, a monday morning smile, shall we? two headlines that should brighten up the day for investors. yeah, good morning, everyone,
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cyprus, bailout approved, the russian mob loses, the germans win. your 401(k) goes up again today. the budget the president will sign this week. spending cuts stay in place many pet projects no longer on the table. big tax hikes gone. dare we say republicans win? with that as the back drop stocks open a little higher today and gold will be lower. "varney & company," yeah, about to begin. ct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-send stats. [ indistinct shouting ] ♪ it's so close to the options for... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪
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>> it is monday, march 25th, cyprus gets its bailout. but the country's in financial chaos and faces an economic depression. in short, here is what's happened. angela merkel wins, the germans win and the russian mob loses and cyprus's days as a tax haven are over. let's bring in scott shellady, he's in chicago. i think that wall street loves this, right? >> i don't know if they love it,
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but a lot better than they thought might happen over the weekend. stuart: can we say that wall street is going to breathe a bit of a sigh of relief, can you say that? >> i would and now what i did today, stuart? i brought in my own prop. i'm going over to russia or cyprus and get some money out of the cypriot banks while the getting is good. i'm on the side of the russian mob this morning. >> and you look like a guy from chicago. and the russian mob, they're not going down without a fight, are they? >> no, i think the most dangerous man in the world after osama bin laden was captured is now anybody in the cypriot government. and i think going forward they've got watch where they're going. this is the tale of two banks, a good bank and bad bank, as medvedev said, stealing what's already been stolen so they're not going to be happy. stuart: stealing what's already been stolen. good stuff. we'll have a live report from cyprus, and show you what it's
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like living in a country headed for flat-out depression and coming up, the blackberry, it's been called a disappointment and that stocky tell you now is taking a hit. we're' following that at the he opening bell and we've got a guy who just said china declared war on apple. big news this monday morning and we're following all of it for you. we went out and asked people a simple question:
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪
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to enjoy all of these years. ♪ your finances can't manage themselves, but that doesn't mean they won't try. bring all your finances together with t help of the one person who can, a certified financial planner professional. cfp -- let's make a plan.
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>> we're a minute from the opening bell and stocks will be up a little bit this morning and let's bring in rich edson. he's in cyprus on the ground and i want to ask you what's it like in a city facing chaos and probably a depression. go. >> stuart, there is certainly a sense of at least when you were in a recession that will very likely get worse because of the terms. and protests here and at the presidential palace. at first concerns here and many folks got the accounts saved and that was apparent this morning and a big sense of relierelief. and this is a holiday and cafes filled by noon. and it had a celebration nothing to do with the bank bailout news from last night. stuart: i think a lot of the protesters, by the way, they're
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bank employees. t they're going to lose it all, probably lose their job, their pension, some of the deposits in the bank and those people are hurting and that's where the street protests are coming from. by the way, the opening bell is about to ring on the stock market this monday morning. we closed out last friday at 14,512. [bell ringing] there we go, it's ringing. we expect a small gain when trading starts, by small, less than 10 points. it could have been a lot worse had they not reached a bailout in cyprus. you may have seen a big drop, but you're not going to see a drop, in the early going, an upside. and gain of 7 points, 8 points in the very, very early going. now let's get to individual stocks. goldman sachs, and both of them call the blackberry phone, disappointing. it's pretty cool, a peek feature, lets you look at two
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apps at the same time and fix pictures by the time. and geo, he liked it, but i don't think the investors liked it at all. nicole, how bad. nicole: i like the peek feature, but the stock down on a goldman sachs downgrade. cut from neutral to a buy. and after they went from store location to store location and including at&t and the like and best buy and radioshack and revealed a surprising lack of marketing, and position of the product and talked about the fact the location sell through at most locations was less than ten per day, what? that's terrible. stuart: yes. nicole: and this is a stock over the last 26 weeks, let's say roughly six months is up 131%. stuart: now it's at $13 a share, last time i spoke to you, late last week, 16 and change, so it's really coming off there. and nicole, we'll be back on this in a second.
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and two other names you know making news this morning. increased of foods and basics at dollar general and profits nicely. and that's 4.8%, a healthy gain. as a takeover battle is brewing, our partners at all things digital confirm that dell, buyout offers coming in from blackstone and carl icahn and that's pushing the stock up. a bidding war for dell and up goes the price, but only at 14.59 as we speak. one more big name for you, well, not big name, but several of them and that's european banks, global banks, i want to ask you, nicole, i take it they are up this morning, reacting to the cyprus bailout? >> it's interesting, and you can see sort of a mixed reaction, a couple up, a couple down and national bank of greece hit a new low of 87 cents last week and today, obviously getting a little bit after pop and they're going to be absorbing some of the cyprus losses and it's a mixed bag and seeing headlines that the eu should be wary of
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russian retaliation over cyprus because obviously, they had over 30 billion dollars and the estimates keep changing, but the point is, now there's a lot of russian money in cyprus and a lot, obviously, to be taken away. >> they've breached the principles and they've got to reach into private accounts and take the money. that's what they're doing. all right, nicole, thank you very much. the dow is up 19 in the early going. >> let's move on to washington, and president obama expected to sign a budget this week, and pretty good news for investors this is not what he wanted. automatic spending cuts stay in place. new spending on roads and bridges and universal pre-school. all that have off the table. new tax increases nowhere to be found and all of this coming out on a friday afternoon. long after everybody went home for the weekend, and hardly the market obama victory. and that you can about that more. and now this. and the third anniversary of the signing of obamacare in law and the senate overwhelmingly to repeal the tax on medical
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devices and higher insurance premiums next year. and "varney & company" says this law looks like it's unravelling. is that wishful thinking? in our next hour, one of the foremost authorities and critics of obamacare will answer that question, are we stuck with it? i think you're going to like her answer to this one coming up later. now, cyprus, they have seized private wealth, and principal, destroyed cyprus as a tax haven. and overseas tax haven, that's a contentious issue. i don't think this is going to strengthen president obama's hand going after the money marketed overseas whether it's rich people or corporations? >> and he signed the foreign asset tax compliance act forcing banks in other countries to reveal who are-- who are the americans that have money and how much and that was obviously controversial. americans and europeans and other places not happy about it,
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but this gives him a chance to say, listen, this is-- these tax havens, they're not even safe for you, americans. >> that's right, what's wrong with taking russian mob money. why not do that. i think it gives him the case. i notice, however, that france, they're not going through with their 75% tax rate, because that was forcing people out of these tax havens, but they're not going through. >> that's right, he they just announced that they are-- the president's dropping his-- that was for over a year he's been talking and definitely going to do it and gerard depardieu, one of the people, i'm leaving france. let's look at that, why do people put money in tax havens in the first place, why not go to the cause than what's going on. russians may have other reasons. if i were a russian olegart, they don't want to pay the taxes in the countries where they live and work.
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stuart: the cyprus thing has raised the issue of overseas tax havens. >> i'd like to talk more about canada, for example. canada has one of the lowest-- canada's corporate tax rate is much lower than the u.s.'s. and people have-- >> what you're saying, tax haven. >> and people have trouble and you might think, well, canada, a socialist paradise, they're going to take wealth away. no, canada has a conservative prime minister right now and i think your money is safer in canada than the euro zone. stuart: thank you for joining us. >> thank you. stuart: our next guest says, this is a headline for you, china is waging a war against apple. gordon chang joins us on the phone. this is your story, gordon. you broke this one. what do you mean by war on apple? go. >> beijing twice in two weeks has a media campaign against apple. on friday, the news agency, the official news outlet had a story
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how students were taking out loans to buy apple products and followed the march 15th attack on china central television in the annual consumer day show. what they did was they went after apple's warranty practices, but what was worse, they organized celebrities to post on china's twitter-like service, the scathing apple comments. stuart: gordon, what did apple do to deserve this? >> i think what apple did was tim cook in january gave an ill-advised interview and said china would be apple's largest market and he was trying to flatt flatter how they were. but they heard that they were going to try to take over the phone and computer markets. and went on the attack.
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stuart: you brock thke this sto apple has gone back to about $466 per share. remember, it sold off from 700 down to about 420. bouncing back to 466 this morning. war with china or not. seven early movers, monday morning, here is what we've got moving. cbs, purchasing half the tv-guide network and cbs stock is virtually flat. vmo capital says that j.c. penney could be forced into involuntary bankruptcy next year if current trends continue. the word bankruptcy in the same sentence with j.c. penney puts the stock down. and smith foods, urged to break itself up and it's up a little bit. 3%. ho-hum response to the blackberry in the u.s., goldman sachs cuts the stock to neutral from a buy, said its disappointing launch of the 10. and telecom services provider
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otelco. and losing the first part of a drug patent case. apple bought a silicon valley start-up mapping for smart phones. and apple is now to 466 per share. the dow jones industrial average, we're up 28 points this morning, 14,540. quickly let's go through some of the other big stories we're watching for you today. number one, new york's mayor bloomberg and we often refer to him as nanny bloomberg. i'm going to say his nanny way ways are maybe a good thing? i will explain myself at 10:50. and a new report suggests that 250,000 people a year die from too much salt. is this just another scare from the medical establishment or the critics of the medical establishment? dr. marc siegel weighs in and it's the age old question when it comes to real estate. better to rent or buy? we have a guest who says, buy.
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especially if you're in a major metropolitan area. here is the catch, he's selling real estate, but we'll have him on the show. check the price of oil please. where are we now? $94 a barrel and rising, up a buck this morning, this monday. president obama will have to grin and bear it as he signs a budget he didn't want. why isn't anybody talking about it? we're on that next. and we're also talking about the sports story of the weekend, cinderella clashes, the ncaa tournament and makes history doing it. eric bolling on his way in. and he weighs in basically on both stories, how about that? here he comes. ♪ (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokere accounts with one login...
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>> look at this on a monday morning. cyprus gets the bailout and goes
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up. not bad. i call it a modest rally. i want to go back to the budget and bring in eric bolling. the president is going to sign the budget this week. this budget that he's going to sign will not contain any big new spending on infrastructural pre-school. he's going to keep the spending cuts from sequester. he's got new huge big tax increases and i'm going to call this a republican victory. am i crazy? >> sure, no, air not crazy. it's everything-- well, not everything, but we're still going to spend i don't know, 3.10 trillion dollars and republicans would like to see spending cuts and not this sequester. we talked about it before it's not a spending cut it's a decrease on the increase year to year. and is it a republican victory? sure, why not. stuart: it's an obama loss. >> and a tax-- >> it's an obama loss and he's got the budgets outlined during the beginning of his second
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term. >> we're still losing and we can call it a republican win or obama loss, it doesn't matter. we're still going to tack on 800 billion to a trillion dollars in new deficit for this year. you know, you look at paul ryan's budget, for example, ten years down the road, 41 1/2 trillion dollars in spending and that was supposed to be a victory, because the democrat's version was 46 1/2 trillion dollars, we're still outspending our means. still a broken system. d.c. really has to figure out how to get a balance, a balanced budget would be a win. stuart: in the short-term if i'm a trader, trading stocks, for example, i think this is a win for republicans and i think this is a win for me as an investor. stocks go uu. you say? >> well, i think you're conflating. and 20 years trading and what i told you last time and the last time and last time, i think that things are getting better in spite of president obama because if we continue to juice the system the way we are, we're adding 85 billion dolllrs to the treasury, ingratiating the banking system.
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i'll tell you this, ready for this? you have investors out there to watch the show and pick out stocks to buy, just buy u.s. banks. buy u.s. banks. we are giving them so much money. we're giving them billions upon billions upon billions of dollars and loaning them money at 0% interest and turning around and selling us back treasuries, and buy treasuries with that and taking depending how long they want to use, between the 2 and 3% gift. so if you do that, billions and billions of times, you're making money. our banking system is going to be overcapitalized, but when you overcapitalize something now what happens to the stock? the stock goes up. stuart: all right. eric sails buy american banks and people are out there doing that. and now i've got to get your reaction to the florida gulf coast university. they became the first 15th seed, i believe, to get as far in the march madness tournament and i'm trying to imply that i know what i'm talking about.
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>> i love that. and the second topic is basketball. stuart: i was watching this, this is good basketball, this is fun. >> it's a good team, a 15th seed, first time the 15th seed made the sweet 16. you look at it, 12-5 and people who watch basketball know what i'm talking about. every year a 12 seed beats a 5 seed. you look for that. we have a 12th seed winning, we have a 13th seed winning and now a 15th seed in the sweet 16. never been before, but the number one seeds are still intact in a lot of the brackets. stuart: and i say louisville beats kansas, 84-82 in the final. >> and would i agree with you, louisville wins it all, but i think they beat someone else from that side. i can't remember who i had. it was originally georgetown, but they're gone, but whoever-- >> you're underestimating my point guard for louisville. and trading good, but basketball-- >> and we'll talk about the "the five", and bob beckel got cbs
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amazing race to apologize for something they did, they took american veterans for granted and apologized and kudos to beckel and watch "the five" and a victory lap and he deserves it. stuart: very good. and time for the gold report. and where are we? with stocks up 40 points on the dow and gold is up 10 bucks below $1600 per ounce. the head of the n.r.a. and anti-gun mayor of new york city square off. we'll show you some of the fireworks, charles, sandra smith on their way in. they're next.
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>> i think i have a responsibility and i think you and all of your viewers have responsibilities to try to make this country safer. >> we don't want them in their restaurants, don't want them in their homes and don't want to tell them what food to eat and they sure don't want to tell what self-defense firearms to own and he can't buy america. >> all right. that was the weekend. that was new york mayor michael bloomberg, separate appearances on "meet the press." . they're going at it it it over guns and mayor bloomberg wants to spend 12 million on anti-gun,
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and wayne lapierre says you're right. who is right and who is wrong. >> the mayor wants to debate, but his idea he gets to determine what is good for people. this whole anti-gun battle is largely fault against people who own 300 million guns and 1% of 1% use them for illegal activity. they're focused on the wrong people and taking away rights of so many law abiding citizens and it doesn't focus on what drives a person to shoot another person and listen, bloomberg can do what he wants, but i side with wayne lapierre. >> he says that bloomberg is going to spend 12 million dollars. and wayne lapierre says that he's trying to buy america, what do you say? >> that's the way the political system is built. he has a lot of money and a lot of influence and the problem i have with these commercials, to charles' point he's not using facts to back up what he is
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pushing on the television commercials. he's injecting a lot of emotion. he's not using why are these people actually killing in the first place, he's blaming it on the guns themselves. so, are there some things that mayor bloomberg that have been done in the city that are good. yes. i don't disagree, i think they're helpful as a consumer, however, he's got the money, he's going to influence politics. charles: exact, i agree. i think he could do more-- what he does with his mayor is fine. as mayor some of the things he pushed through, you know, and i thought was ridiculous. if he wants to spend his fortune to change the way that america thinks, that's up to him. stuart: a little later on the program, i'm going to side with mayor bloomberg on his nanny-ism. >> shocking. stuart: we've got another live report from a country that's said to be on the verge of an economic depression. i'll have that coming up at the top of the hour, plus, could what's happening in cyprus unravel the euro?
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we've got a guest on the show who says, yes, it could. he states his case. we'll also ask one of the leading voices on obamacare if that law is unracvelling three years after it's signed or are we stuck with it? her answer for you coming up. ♪ it's monday.
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act right now. call the number on your screen now! >> heads up, california viewers, one of your cities is now in bankruptcy. heads up detroit, the man who decides your financial future starts work today. this is a tale of two insolvent cities. stockton, that's the california city, flat-out bankrupt. it begins the bankruptcy journey in court today. everybody is watching. will the judge roll back city pensions and if he does, what about other california cities and town. same question for detroit, it's not technically bankrupt, but it's totally insolvent. kevyn orr runs the city and what will he do with a city with unpayable debts. everybody is watching that one. in some, some are improving, but
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not stockton and not detroit. ♪ >> we just outlined two american cities on the verge of or actually in bankruptcy. now how about an entire country on the verge of a flat-out depression. that's what cyprus faces, a bailout plan has been approved. bank accounts over 100,000 euros will be taxed. the russian mob losing. angela merkel, the germans winning. i'm going to call it catastrophe for the people of cyprus which is where we find rich edson. and rich, set the scene. i'm hearing that it's not chaos, it's not misery, they're actually having a party. it's a holiday today. go. >> it is a party, stuart. it is europe. the cafes are filled here in the capital. there have been protests and plenty of bankers are going to lose their jobs as the banks are
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resolved. the russia is going to have some issues as well. and generally speaking the economy is likely to get worse as the conditions of the bailouts are rolled into place, as far as the street scene around here has been concerned and plenty of places taking credit cards and folks are sitting by cafes, and it's greek independence day and they're off and celebrating, not necessarily the bank out, but something indeed. stuart: thanks, rich. by the way people who are so vehement in the treat pstreet p, i believe they're bank employees and they may lose their jobs and their pensions as well and they're left with nothing and why they're so vehement on the streets there. let me go to the dow quickly. the dow is up 48 points that largely on the back of the settlement-- it's not a settlement, it's a bailout. cyprus gets it, up goes the dow, 14,557. all right. our next guest says that cyprus,
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what happened there, could unravel the entire euro system. economist peter morici joins us now, all right, peter. you've said this morning, i've read the article, that cyprus will be better off getting out of the euro completely. in 30 seconds, make your case. >> well, essentially, cyprus faces the same fate as greece. 25% of employment before it's over and severe austerity and the lost banking jobs can't be made up. it would be better off, but the own currency similar to iceland and like the new york banks reemerging and continuing as the financial censor and to eastern europe and asia for western investors. stuart: do you think this will be up to the people of cyprus, who eventually may say, we want out of this. because we have got a ten year depression on our hands, we want out of it and we'll go back to our own currency whatever it will be. do you think they'll say that. >> it will be difficult to
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unscramble the eggs. this does not require new legislation, rather these banks can be resolved, shut down and the banking sector down-sized and the unemployment imposed and the austerity measures will be almost compulsorcompulsory. it becomes very, very difficult. this morning, the cypriot people should have an opportunity to decide whether he they want 0 to remain in germ man empire or go it alone like iceland and some other country join the sovereignsy and accomplish on prosperity. stuart: they won't have a chance to make any such vote. the deal has been done. now, the next question is, you're pointing out that the germans really won on this one and got their way, but the russians, they lost, they lost big. have they got any way of getting back at the germans or the rest of europe what they've done to them. >> they have the natural gas so
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i don't think they'll go that far on this issue. they have lost their money. europe doesn't have the mechanisms as united states does, to manage a single currency and banking system. it can't recapitalize its banks. if new york city were a country it would have the same options as part of the united states. cyprus as part of the european union doesn't have the options and it's not possible to resurrect the way it was the big apple. it's that simple. stuart: it's misery imposed from the rest of europe. it looks like it to me. peter, we're out of time and thank you for joining us, see us again soon, please. thank you. >> thank you. stuart: to the big board, we're 40 points higher on the dow. 14,552 after 35 minutes worth of business, we're up. stuart: let's go to nicole, dollar general, a big winner there. we're calling this a discount economy, the dollar general story.
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>> right, absolutely, and their numbers for the quarter certainly soared past the analysts' estimates. >> up about 3 1/2%. stuart. stuart: i want to go to blackberry. they were down earlier because the new 10 was a disappointment and i see it down only 3% now. nicole: they're coming up off the lows and a downgrade for goldman sachs doesn't bode well for any company, but goldman sachs says the sales they've been seeing are disappointing. cut from a neutral, buy. and product placement in the the stores. stuart: our producer suggested that we put blackberry back on death watch. ♪ cue the organ music. what do you say, nicole? >> hold off, just hold off. stuart: as soon as we play that music, the stock goes up, with the adverse indicator. nicole: wait, it's in the gre
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green-- no, just kidding. stuart: thanks indeed. nicole. forget about sugary drinks, salt may be the bigger problem. a new report says that salt is to blame for 250,000 american deaths. is this just another scare? dr. siegel answers that question. he'll be with us at 10:25. all right. two headlines suggest that obamacare is unravelling. thee years after it became law. number one, the senate overwhelmingly votes to repeal the medical device tax that helps fund obamacare. and number two say that premiums could double next year. and the book "beating obamacare", and are we stuck with obamacare? >> no, but we're going to feel the pain before voters go to the polls and stop this. stuart: full implementation january 1st, 2014. >> it's already happening. obamacare is rolling out with a vengeance and you see it in the hospitals, cuts to medicare paid
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for over half this law including big cuts to what hospitals are paid. 247 billion dollars less money over the decade and they're laying off nurses and brace yourselves for the declining care, people are already seeing fewer nurses on the floor, longer waits when you press that button for high pressure. stuart: and so i'm stuck with it, i am. and through all of next year, i've got this thing around my neck. >> let he me point out what's going to happen. skyrocketing premiums, many people, millions of people losing their on the job coverage. stuart: i've got it, but how do we unstop it. >> voters go to the polls in mid term election ins 2014 and they're going to pull that lever against obamacare and they're going to vote for members of congress and the u.s. senate who are committed to de-funding it. stuart: too late, too late. >> no, it's not too late. stuart: the exchanges will be in place and taxes in place. >> no, the taxes can be repealed. the insurance companies still exist. the physicians still exist. the hospitals still exist and
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the exchanges, they aren't really going to be ready. stuart: and any attempt to unravel what is already in place would be a huge mess. >> not at all. in fact, it's highly feasible and it will save our health care system. the republicans have a shot at gaining at least six seats, that's all they need to win control and there are going to be 33 senate seats in play, and the republican seats are safe. of the democratic currently democratically held seats, 13 of them are in swing states or red states, republican states. stuart: so your hope is a political revolt. >> there will be a political revolt. charles: and we had this discussion a few times last week and stuart's point to me is once you give somebody something free you can't take it back. by the time the mid terms roll around will it be too late to get the notion out of their heads that the majority of voters we're going to take something away that's free and not good for you? >> a majority of voters are not getting anything for free. free, there is no tooth fairy.
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a small number of people, let's say 60 million people will be getting something of a subsidy, right? the other americans are paying upfront in terms of job security, much higher premiums, and a lower standard of care in the hospital. they are going to go to the polls and say, forget free, we want a high quality health care system. stuart: we've got 30 seconds left. you've got an e-mail. >> that's right, i got an e-mail from tom in california works in a sheriff's, county sheriff's office and just told this week that he's losing his full-time job, he can only work 24 hours a week, they're hiring another part-timer to do the other half of his job. he says i have kids to send to college. they said go on unemployment. stuart: that's because of obamacare. >> this is a county government. yes, they said specifically because of the obama health law. employers with 50 or more full-time workers have to provide full-time coverage. stuart: i can tell you've read this thing. bring it.
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>> 2014 will be a referendum on the obama health law. stuart: betsy mccoy you said it here. back to the tale of two cities i talked about at the top of the hour. stockton, california flat broke and bankruptcy hearings today. and detroit, insolvent and the emergency manager starts work today. and the question is, can either of these two cities reduce their pension requirement to retired city workers? that's the question. sandra: and the answer is probably not. but a victory by stockton as we may get the actual verdict may go down today. this could lead to a ripple effect. stuart: what verdict? >> it's stockton, the city of stockton wins, if they're able to lower the debt obligation for bondholders. stuart: they want to go into bankruptcy. sandra: they want to restructure the debt. stuart: and give them a haircut. sandra: this would be ground
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breaking for other cities, san beni benito-- san bernardino. stuart: if they take a haircut, why would anybody in their right mind lend money again to a shaky american city. sandra: exactly, that's the ripple effect i'm talking about and thises a-- >> and stockton built a news waterfront, a baseball stadium. i think that detroit is going to be a little more interesting, in the sense it's not a bankruptcy, but, you know, the race issue comes in and large american cities. you've had al sharpton's group go to kevyn orr's office and they don't want to go to the puppet, they want to go to the puppet master. and jesse jackson's group having a protest and they're saying that the bondholders ironically are going to benefit from the shake-up at the expense of people who live in detroit and
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that's one to watch the fireworks and in both cases a cautionary tale we must adhere to. stuart: back to nicole, the cyprus story. you're a greek cypriot and your parents came from the island of cyprus. >> that's right, my mom came over from a boat and you met my mom recently and my father has also born in cyprus. stuart: what do you feel about this deal. they get the bailout, but improverishes the country. >> we can't use the word celebration today. this is a day of sadness for people in cyprus, greek cypriots and crying and worried about the country overall. this is a country that was flourishing as an independent country prior to joining the euro zone. they took a haircut to save greece the sovereign bond. it was a country doing great. flourishing with russian money and the overall, a country doing well. they joined the euro zone, now they're getting battered and the streets that were empty and people with no food. greek cypriots who worked there
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their whole lives and are devastated and turned into these beg gars and violent people, that's not what cyprus is and what cyprus ever was. and now, i'm getting news from cyprus, i have first cousins in cyprus who are obviously devastated. the and my mother got a note from a woman who worked her whole life and son has no job, that's the only money. so you're talking about a nation that obviously is a political-- it's a political game almost in that russia now is -- there's warnings from a former kremlin over in russia, former kremlin advisors saying that the eu should now be wary of russian retaliation, there was a lot of money, russian money over in cyprus and part of why they are doing what they're doing. it's a big story and you're not going to have the economy return to the way it was soon and watch the euro because that affects all of us. stuart: nicole, thank you.
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we often refer to new york mayor michael bloomberg as nanny bloomberg. is that right? is he right? i make the case for the nanny state. listen to it, my take next. ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.
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♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪ to help you not just stay alive... but feel alive. the c-class is no exception. it's a mercedes-benz, through and through. see your authorized mercedes-benz aler for exceptional offers through mercedes-benz financial services. >> blackberry released its next generation smart phone called a z-10, it came out friday and sales on its opening weekend
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disappointing and goldman sachs cut the stock rating it to neutral and it's down 3%. apple acquired a silicon valley start-up, slam, which makes mapping and tracking devices for smart phones. nicely up. and j.c. penney, the company could be forced into involuntary bankruptcy next year. the stock way down and j.c. penney. one lucky person is holding a powerball ticket 338 million bucks and officials say this is the fourth largest ever. the lucky winner, whose name has not been announced, bought the ticket in new jersey and could take home a lump sum of 221 million dollars. coming up, i give you my take in support of the nanny state.
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>> strong words from starbucks chief at the annual shareholder meeting. he shot down a shareholder who questioned the company's support of gay marriage. >> 38% stock last year, it's a free country, and shares of starbucks and-- >> all right, says the stock to repeat is up 38% over the past year and there's a chart and nice looking chart and down 16 cents, i call that flat. now, charles is here and is going to make serious money with immerson corporation. what do they do? >> they actually make the technology that allows for
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amazing improvement of technology and this is a good way to play samsung and earlier this month they had a huge victory in late-- >> emerges. charles: immersion. that's the thing i grapple with. when they signed this deal earnings go up. a ton of money off this not just samsung, but a lot of other companies and this is a grand slam. stuart: sorry, a grand slam? >> a grand slam. it's a high beta stock and could be more volatile than normal. stuart: what's the name? >> immersion. stuart: immersion. i've got it. new york's mayor mike bloomberg. i jumped the gun. hold on a second. new york's mayor mike bloomberg, he says the poor need guidance and a nanny, dare i suggest that he might be right?
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here is my take. in obama's world, i am forced to be my brother's keeper. i am taxed to the hilt. i pay the bills for others. i fund medicaid, i fund food stamps. i buy the cell phones and subsidized housing. i pay the heating bills, college costs and pay for just about everything else, including tattoo removal. so, why shouldn't i have some say in the behavior of the people getting my money? you could make the case that guzzling soda helps make you obese so maybe mayor bloomberg is right to try to ban large sugary drinks, after all, i am paying for diabetes treatments. trans fats bad for your house. since obamacare makes me pay for other people's heart troubles, maybe the mayor is right to ban them. cigarettes? i'm paying for your emergency room visits. so quit. now. i know we don't like nannies, we're adults and want personal freedom. here is the question, do you lose some of that freedom when you take someone else's money?
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doesn't the piper have the right to call the tune? of course, we're on dangerous ground here and i know it. we are slipping into a collectivist mentality. i don't like it, but if i am forced to be my brother's keeper, there is a great temptation to impose on others the values that made america a success. now, i know you're all thinking, what's he going to do? going to defend the nanny state? what's going on with varney here, your comment, charles. charles: unfortunately we're talking about imposing the will on people who you're not paying for. in other words, people who have a job, pay their own health insurance, and why should they have to live by your rules. and i want a big gulp, i'll pay for my own hospital. stuart: let me narrow is down. i'm paying for everybody's food stamps, shouldn't i be able to say you don't buy soda with that-- >> the most incredible irony of this thing. every time i hear a new rule, it's against people who are abide buying laws and common sense.
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when it comes to people who are taking from the government, there are no rules, a good point there. sandra: my problem, this is more reactive than proactive. you're react to go a very inefficient system where you are funding all of these other folks and you feel now responsible for them because we are in such-- >> i'm react to go collectism, if i'm forced to be my brother's keeper, i should be able to call the tune. i should be able to say don't behave like that. sandra: you can have that opinion, but charles and i have don't have to agree with you. stuart: what? we've got to go. what's more dangerous, a sugary drink or salty foods? a new-- >> salty foods. stuart: a new report says salt is much more of a killer than chica sugar. is this much more hype? dr. siegel it next. is next. friday night, buddy.
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>> well, the tou is-- dow is holding on to a modest cyprus rally. we've got darden restaurants seeing a boost this morning and i want to know why as usual, nicole. nicole: several analysts saw their outlook on darden as well. a look at the stock, up 2 1/2% right now. and several analysts jumping on board and raising it to an overweight and you should keep an eye on smithfield foods, ffd
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the ticker on that one. and hearing that goldman sachs was hired for strategic options for smithfield. we'll follow the sorry and obviously, that's another name on the move. thanks, indeed the rally is fading. we were up 40 and now just 7. holding on to 14-5. harvard researchers blame salt for the deaths of 250,000 americans a year. they say it's a much bigger killer than sugar. dr. marc siegel, all right, doctor, i'm inclined to look at this, 250,000 deaths a year blamed on salt. i'm inclined to say that's just another scare story, what do you make of it? >> well, i don't think so, stuart. i think that that's real because most americans are having about four grams of salt a day and we should be having about 2 grams. it's in all the foods we eat. we eat too many processed food, eat too much eat, too many hotdogs and too many hamburgers and poultry, all of that's got a
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lot of salt. ironically i was in a restaurant where they were saying, we're not going to abide by that 16 ounces, we're going to have a 16 ounce span anyway on soda and there was a salt shaker there, so, salt is a huge problem. i don't think that sugar-- sugar's a problem, too, i don't agree with the conclusion of the researchers here, you know, that it's ten times the amount of deaths that you can pin on salt as sugary drinks. i think that sugar and salt together are the killer. stuart: i know you want to make a response to what i just said about the nanny state. and i many of our viewers said, look, if i'm forced to be my brother's keeper, i want to have some say in the behavior and habits of those people who are getting my money. go ahead, what have you got to say? >> well, first of all, stuart, i like your original point, that obamacare is frontloading us with everyone with preexisting conditions. without asking them to pay a penny more, even if they smoked their way into this, why should we bail them out in the nanny
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state. but i want your viewers to know it's poppycock, that bloomberg is right or any of this should happen. you're throwing it out there for debate. you don't believe the government has a role in that and your viewers know it. stuart: actually you're right, but it's an interesting point of principle, isn't it? look, this is my money, forcibly taken off me and in the case of food stamps it's being used to feed people. why shouldn't i have the right to say, you don't buy chips and soda with that money, it's my money and i'm telling you how to use it. >> and stuart, i have to tell you, there is a program out there that says that food stamps is doing secretary that. it's buying pop-tarts and all of these sugary drinks and it's a disgrace. one thing i might want to point out is that cigarettes are different. because in a public place, if i'm smoking, the person next to me inhales that smoke and that harms their health and i believe that cigarettes should not be
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allowed in public places. stuart: i'm worried about the impact of secondhand smoking and i'm not so sure it's as big a deal as you people make it out to be. ten seconds. >> it is a big deal-- i'm in favor of vaccines, i believe in secondhand smoke and there's something called t tertiery smoke where it's on the furniture. and good to have you with us. >> watch out for the cigarettes. stuart: don't worry. nowhere near me. thanks, doctor. every time we talk real estate, the question comes up, is it better to buy or rent? our next guest says, no question, buy. especially in big markets, but there is a catch. it's a real estate guy selling real estate. of course he's going to sell it to you so you can buy it. but he's next. ♪
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that's right, 60 days risk-free. use promo code: gethelp. if you're not completely satisfied, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! >> president obama expected to sign a budget this week. i'm saying this is good news for investors because the budget that the president wants-- spending cuts stay in place. he doesn't like them if they stay. new spending nowhere to be found. company, do you agree with this,
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a plus for investors, sandra. sandra: a plus for investors. stuart: and republicans. sandra: i was going to say and republicans. he wonders why his ratings are so low? and here he promised the worst and signing the new budget into place and we're not getting-- the markets the at all-time highs and people aren't complaining they're out of work and the hamburgers aren't in jeopardy and we're able to go through the lines of security at the airport fine. and doomsday never mapped. stuart: i thought there would be some form of tax increases. charles: i thought two months ago it would be the battlefield. would i like about this though, it's going to be leeway he for the department of defense to implement sequestration in a more, in a smarter way. so does agriculture. and eric holder said there won't be prison guard furloughs. so this takes away part of this problem and this could have been a huge, huge, ugly battle and they didn't.
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they bit the bullet both sides did. stuart: and the president doesn't get the goodies that he wants, the pre-school and roads and bridges and-- >> and they're going to build eight big ships, he only wanted six and here you have saying this is fantastic news. and i think the department of defense won big and the american people did, too. stuart: by the way, the dow's rally has just about gone away completely. we're up 2 points. we were up 40. a bit more than that at the opening bell. rent versus buy, the age old debate, our next guest says buy. rapid realty ceo anthony lolly is back, welcome back. >> thank you. stuart: you're grinding your own ax, you sell houses so of course you'll say buy them. step back and be objective. make the case in a major metropolitan area in america today.
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is that the case. >> that's the case. institutional investors are disenchanting buyers because they're outbidding them. a traditional buyer third time you get outbid you go back to rent. stuart: why isn't the little guy, a person first forming a household, a first time buyer, why are they not in the market? >> lack of inventory when you don't have selection and don't have choice there's more variety in renting and when you get that gem you jump on it. stuart: go ahead.
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charles: the american people is still resistent to buying and they are still deathly afraid of having that commitment. they don't mind paying a little extra in rent if all hell breaks loose i'm not obligated to something that could sink like a rock. stuart: have they got the money? have they got the money to do it? >> there's no incentive to save money now and people that aren't incentive to buy are buyers and flippers. if you're going to buy and hold for seven years, it makes sense. stuart: what kind of house, what square footage is going best at this moment? >> anything that's above 2000 square feet. 2000 to 2500 square feet. stuart: the classic single family home, a garage. sandra: are you concluding that the housing market is indeed on the track to recovery? >> definitely. no question about it. charles: how do you get the buyers. we got the home sales, existing first time buyers 30%. a year ago, it was 32%, that needle is not moving at all. how do you move that needle? >> you have to intersent advise
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se sell-- incent advise people-- >> air doing well, you have an expensive watch. not going to ask you to show it to the washington. but ladies and gentlemen, this is bling. and it's very expensive so i take it your business is booming. >> yes, we expanded now to 61 locations so we're excited. stuart: 61? and you run the whole show? >> yes. stuart: that's a cheap watch for a guy like-- anthony lolly. >> lolly like lollipop. >> the jewish holiday of passover starts tonight and we have some religious and avatar an artifacts that are worth a lot of money. how much would you pay for an antique passover cup? is this something you would invest in ♪ we went out and asked people a simple question:
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how old is the oldest person you've known? we gave peopla sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ >> a lot of people call this a discount economy and here is the latest example. dollar general recorded record sales for the quarter and new stores and those on the shelves. and you're shopping at dollar general and sell items for a lot less. the stock is up nearly 1 1/2%.
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carl icahn and blackstone put two more offers on the table for dell. and michael dell put it offer to take it private and they'll look at the offers. another storm hitted midwest. and nearly a foot of snow. it's hovering near d.c. and the dow is down and we'll explain in about 90 seconds. all right, back in a moment. (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services company."
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♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪ to help you not just stay alive... but feel alive. the c-class is no exception. it's a mercedes-benz, through and through. see your authorized mercedes-benz aler for exceptional offers through mercedes-benz financial services.
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>> breaking news, why the market turned lower. the dutch financier, heads the finances in europe. the rescue program in cyprus should be a template for all the countries that have problems with their banking sectors. i believe that's why the dow has now turned negative. company, if you reach into your banking system and steal, take private bank money, if that's a template for the rest of europe, a lot of people get scared. sandra: and the fear ripples over to the united states. you asked us on the program last week, do you think that could become a reality for the united states? i think everybody agreed that it's far-fetched and it would be a very long way down the road, but all of a sudden, it becomes a reality if things get dire here, we would consider such a move? >> if this were back into the september of 2008 and the dutch finance minister was in charge. intstead of tarp, would you hav
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them reaching into private money and that's a shocker. charles: you've got to believe, spain, italy, portugal, you've got to believe some people will take money out. if you live in those countries and your entire net worth in the bank, you'd be out of your mind. stuart: i have a bet if two to three minutes, the dutch finance minister will turn on a dime. and say i don't speak english well. nicole, a retailer is down. who is it? what's going on. nicole: finish line store, cut to underperform. several analyst jumping on board and cutting it, it's down 3.7% year to date it's a winner up 4%, but when you talk-- i'm sorry, year to date is down 4%, but when you think of finish line and think of athletics wear and i think of the sports shoes and you can see it's down to the down side. >> that's a big drop.
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all right, nicole, thanks indeed. the dow down 30. of course, tonight the start of the jewish holiday and passover. and here on "varney & company" we're bringing you some j-- help me out. >> anything during the the course of a jewish ritual. stuart: you brought some objects with you. you're telling the value in an auction situation and i'm again going to be very surprised at how low the price is and i'll explain why. first of all, you've got a 1750, from the year 1750, a passover cup. show us, please. >> it's here, along with the passover cup is a matching sabbath cup, they were made in germany possibly 1740 to 1750. it's inscribed on it with the biblical commandment of observing passover and the other to observe the sabbath.
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stuart: 35,000 each. that's a price that i can understand. to me, that's a high price. >> correct. stuart: clearly of value. >> right. stuart: but the historical value and significance. now, hold on a second. sorry to jump in on you. i want you to move on to, i believe it's a six-piece seder set? >> correct, right in front is a bunch of figures. stuart: this here. >> correct. each one of them, a jewish figure, a jewish man, a jewish woman holding an open basket or a tray. each of those are meant to hold the six different food jobs that comprises the seder. stuart: what year? >> 1940, 1930, 1950, possibly. it's unknown. there's only two sets of these first sold at a new york auction house for $12,000. stuart: the whole set. again, i find that a low price. i'm sorry but i do. >> theoretically because they're handmade. stuart: and you would like to see the price go up, i'm sure.
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>> and my kids in private school. stuart: i could match that. that's another story. a german seder plate. >> it's here. stuart: from what year? >> this is approximately turn of the century, not that old, maybe somewhere between 80 and 100 years old and it's made out of pewter which is a tin and lead alloy mixed up sometimes with a little bit of silver and some jews were poor and couldn't afford silver so they would use this very, very cheap malleable metal to make it and they took a dinner dish and decorated with the order of the seder and the decorations. stuart: that would have been used on passover? >> that's correct this would have actually been used and has the same purpose. six little guys in the front of it, just, you know, a different style. stuart: 4 to $6,000 for the seder plate. >> that's what that would go for. stuart: again. >> pewter is not a very attractive metal. stuart: wait a second. that's the intrinsic value of
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the metal at the value as opposed to historic significance. >> because it was pewter, there were a lot of them. had this been silver not everybody could afford it maybe 100 or 200 that survived the holocaust and america over 200 years, but everybody was able to afford pewter, there were hundreds made. stuart: and these are for a special auction? >> in the gallery. stuart: they're in the gallery. >> they are for sale. if they don't get sold then they'll probably end up in june auction, but for the most part on display at the auction. stuart: jonathan, have we general the rated sales? you've been on the program, the third appearance? >> second appearance. stuart: counting. >> no, but-- >> i've not generated sales. >> no, but you've made my wife proud of me which has more intrinsic value than anything else. stuart: jonathan greenstein. >> greenstein. stuart: i always want to make
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your wife and children proud. and now the dow is down 31 and we've got more opposition to google glass, the latest hit to this new technology detailed next. [ male announcer ] you are a business pro.
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>> when google unveiled its
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google glass, we raised questions about possible lawsuits from distracted people maybe causing accidents. the product isn't on the market, but lawmakers in virginia proposed a bill to stop you from using the google glass while driving. most people are opposing this and i say you can't stop progress, it's going to happen and you say? >> google had beef with vans going around and filming things and somehow getting wireless conversations and a fine on that. a lot of people say this takes them inside. that's the outside of your privacy and this is inside. bars are saying no, and-- >> so what, you're wearing the glasses and what could you do. >> all the information and data and of conversations around it and people send it go out to cyb cyberspace. stuart: and you can tape the-- >> like the phone if you held it up, and you can do it with the
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glasses. stuart: on the losing side of this. charles: probably am. stuart: glad to say that. and the highlight reel is next. friday night, buddy. you are gonna need a wiman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com.
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